Is there a pattern to the blinking light?

The light usually blinks 4 times between pauses.

This is a link to a post which could give you a POSSIBLE cause of your problem with your tv. The codes may vary from model year to model year.

"Many of the later model Sony TVÂs have a built in self-diagnosis function. If the timer/standby indicator is blinking, this could be an indication of a problem with the unit. The diagnostic blinking will occur automatically with no action required by you to engage it."

Here is a link that might be useful: Understanding Sony Television Blinking Codes

Thank you for your responses. The TV is now in the shop.

Your welcome. I hope the repairs aren't too expensive.